Abu Dhabi’s TAQA is reportedly in discussions with Spanish energy provider Naturgy’s core shareholders, including Criteria, over a possible takeover, as reported by Cinco Dias. The negotiations, which also involve private equity investment funds CVC and GIP, are said to have commenced over a month ago with the knowledge of the Spanish government. Criteria, the main shareholder in lender Caixabank, owns a 26.7% stake in Naturgy, while GIP and CVC each own around 20%.
If the reported discussions progress, TAQA would be required to launch a full takeover bid for the entire company, in accordance with Spanish legislation that mandates a mandatory tender offer when a buyer seeks to acquire more than 30% of any publicly traded company. The potential partnership agreement is at a preliminary stage, and the outcome remains uncertain.
Naturgy’s shares surged around 7% in morning trade in Madrid following the news, reflecting market response to the reported negotiations. The broader market, however, experienced a decline of 1.4%. Naturgy’s strategic assets, particularly its gas contracts with Algeria, are seen as key components of its value.
While Naturgy declined to comment and TAQA did not immediately respond to requests for comment, Criteria’s CEO Angel Simon emphasized the company’s aim to strengthen its presence in strategic Spanish companies in the banking, energy, and water sectors. The reported discussions underscore the potential for significant developments in the energy sector and the broader implications for both companies and the Spanish energy landscape.